U.S. Markets Open Higher; Lennar Earnings Top Views

U.S. stocks traded higher this morning, with the Dow Jones gaining more than 500 points on Tuesday.

Following the market opening Tuesday, the Dow traded up 1.70% to 30,395.65 while the NASDAQ rose 2.88% to 11,109.85. The S&P also rose, gaining, 2.38% to 3,762.25.

Also check this: 3 Stocks Under $1 Insiders Are Buying


Leading and Lagging Sectors


Consumer discretionary shares jumped by 3.1% on Tuesday. Meanwhile, top gainers in the sector included Mullen Automotive, Inc. MULN, up 12% and Chewy, Inc. CHWY up 13%.


In trading on Tuesday, utilities shares rose by just 0.7%.


Top Headline


Lennar Corporation LEN reported better-than-expected results for its second quarter on Tuesday.

Lennar posted adjusted earnings of $4.69 per share, beating analysts’ estimates of $3.98 per share. The company’s quarterly sales came in at $8.36 billion, versus expectations of $8.11 billion.

The company said it sees Q3 deliveries of 17,000 to 18,500.

 

Equities Trading UP


Convey Health Solutions Holdings, Inc. CNVY shares shot up 139% to $10.31 as the company agreed to be taken private by TPG Capital,.


Shares of Valneva SE VALN got a boost, shooting 82% to $24.95. Pfizer will invest €90.5 million ($95 million) for an 8.1% stake in Valneva, as the companies updated the terms of agreement for Lyme disease vaccine candidate VLA15.


BlackSky Technology Inc. BKSY shares were also up, gaining 26% to $2.56. BlackSky won a 5-year joint Artificial Intelligence Center contract for AI data readiness.

 

Equities Trading DOWN

ACADIA Pharmaceuticals Inc. ACAD shares tumbled 34% to $12.79. A panel of the FDA's outside experts voted 9-3 that Acadia Pharmaceuticals’ pimavanserin doesn't appear to be effective at treating patients with Alzheimer's-related psychosis.


Shares of Neonode Inc. NEON were down 20% to $5.09.


The ODP Corporation ODP was down, falling 15% to $29.70. ODP completed realignment of operating business entities to better serve customers.


Also check out: Kraft Heinz And 2 Other Stocks Insiders Are Selling


Commodities

In commodity news, oil traded up 2.1% to $111.85, while gold traded down 0.1% to $1,839.20.


Silver traded up 0.5% to $21.69 on Tuesday while copper rose 0.7% to $4.0415.



Euro zone


European shares were higher today. The eurozone’s STOXX 600 gained 1.1%, London’s FTSE 100 rose 0.7% while Spain’s IBEX 35 Index rose 0.2%. The German DAX gained 1.1%, French CAC 40 climbed 1.7% and Italy’s FTSE MIB Index climbed 1.1%.

The Euro Area recorded a current account gap of EUR 5.4 billion in April versus a year-ago surplus of EUR 32.3 billion.

 

Economics


The Chicago Fed National Activity Index fell to an eight-month low of +0.01 in May from +0.40 in the prior month.


Existing home sales dropped by 3.4% to an annual rate of 5.41 million in May.


Federal Reserve Bank of Richmond President Thomas Barkin is set to speak at 11:00 a.m. ET.


The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.


Federal Reserve Bank of Richmond President Thomas Barkin will speak at 3:30 p.m. ET.

Check out this: US Stock Futures Higher; Dow Futures Surge 500 Points

Check out our premarket coverage here

COVID-19 Update

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 88,054,080 cases with around 1,038,380 deaths. India confirmed a total of at least 43,320,840 cases and 524,890 deaths, while Brazil reported over 31,756,110 COVID-19 cases with 669,210 deaths. In total, there were at least 544,958,040 cases of COVID-19 worldwide with more than 6,342,090 deaths.

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Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsConsumer DiscretionaryHomebuildingMid-Morning Market Update
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